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S&P cuts Builders FirstSource outlook to negative
Standard & Poor's said it revised its outlook on Builders FirstSource Inc. to negative from positive.
At the same time, the agency said it affirmed its ratings on the company, including the CCC+ corporate credit rating.
"The outlook revision is based on its view that the company's cash usage during the next several quarters will likely to be higher than previously estimated due to lower-than-expected levels of housing starts and remodeling activity in the second half of 2009," said credit analyst Tobias Crabtree.
Previously, the agency said it had expected usage in $60 million to $70 million range during 2010.
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